Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

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Marketable Securities
9 Months Ended
Sep. 30, 2011
Marketable Securities  
Marketable Securities
4.
Marketable Securities

Cost and fair value of the Company's marketable securities are as follows:

Securities available-for-sale
 
Cost
Basis
   
Gross
Unrealized
Losses
   
Fair
Value
 
September 30, 2011:
                 
State and municipal obligations
  $ 1,950,000     $ -     $ 1,950,000  
                         
December 31, 2010:
                       
State and municipal obligations
  $ 2,453,960     $ (2,340 )   $ 2,451,620  
 
Amortized cost and fair value at September 30, 2011 by contractual maturity are shown below.  Expected maturities will differ from contractual maturities because the Company may redeem certain securities at par.

Maturity
 
Cost
Basis
   
Gross
Unrealized
Losses
   
Fair
Value
 
10 years or more
  $ 1,950,000       -     $ 1,950,000  

During the nine months ended September 30, 2011, the Company sold $8,500,000 of securities at par and the total amount that was reclassified from accumulated comprehensive loss into net loss was $3,960.  The Company did not sell any securities in the three months ended September 30, 2011.  The unrealized loss on marketable securities for the nine months ended September 30, 2011 was $1,620, respectively. There was no unrealized loss on marketable securities for the three months ended September 30, 2011.